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LOAN AGREEMENT P) <br /> 'f DRINKING WATER PROJECT: L17-2552 <br /> PROJECT DESCRIPTION <br /> The project consists of the installation of approximately 310 feet of 6-inch water main; 9,810 feet of 16-inch water main, 5,600 <br /> feet of 30-inch water main, 410 feet of 36-inch water main, 750 feet of 42-inch water main, and 90 feet of 48-inch water main, and a <br /> 1,000,000 gallon composite water tower and booster pump station. This work is covered by IEPA Permit Numbers 0888-FY2009 for Mains <br /> and 0843-FY2009 for Tower and Pump. <br /> PROJECT BUDGET <br /> TOTAL ELIGIBLE <br /> Design Engineering* $ 524,000.00 509.000.00 <br /> Construction Engineering 675,000.00 675,000.00 <br /> Construction 8,346,140.00 8,346.140.00 <br /> Contingency 250,384.00 250,384.00 <br /> Bidding 25.000.00 25.000.00 <br /> Total Costs $ 9.820.524.00 9.805.524.00 <br /> The loan amount is $ 9,805,524.00 <br /> COSTS EXCLUDED <br /> LOAN INELIGIBLE <br /> *$10.000 in Wetland Determination <br /> $5,000 for a Phase I Archaeological Survey (from Design Engineering Contract) <br /> SPECIAL CONDITIONS <br /> See Exhibit A <br /> STANDARD CONDITIONS <br /> 1. Project Schedule <br /> For the purpose of this agreement. the start date will be the date the agreement is executed by the governmental entity and the <br /> complete date will be the date of final repayment. Any obligation of the State of Illinois and the Agency to make any disbursement <br /> of loan funds shall terminate unless this project work is initiated and completed in accordance with the schedule contained in the <br /> Loan Agreement. <br /> 2. Disbursements <br /> Disbursement requests for project work will be processed based on costs incurred, subject to the appropriation of funds by the <br /> Illinois General Assembly. <br /> 3. Repayment Schedule - Nature of Obligations. Principal Forgiveness, and Principal Payments. <br /> a) This loan agreement has been issued and entered into pursuant to an authorizing ordinance of the loan recipient. The recipient <br /> recites that it has taken all required actions to enter into the Loan Agreement and has compiled with all provisions of law in that <br /> regard. <br /> b) For purposes of determining the repayment amount, the principal amount of the loan shall be the total amount of the loan <br /> disbursements less the principal forgiveness amount of 50% of the disbursements funded by the American Recovery and Reinvestment Act <br /> of 2009. The amount financed shall not exceed the amount identified in the authorizing ordinance. <br /> c) By this Loan Agreement, the loan recipient agrees to repay the Agency (or upon notice by the Agency to the loan recipient. the <br /> Agency's assignee) the principal amount of the loan as provided in this loan agreement. <br /> REPORT VA LN03 LOG # 006824 PAGE 2 OF 4 <br />